Citi forecasts Brent between USD 110-120/bbl in the coming days due to conflict-driven supply disruptions; USD 150-200/bbl could be hit if Iran targets more energy infrastructure or if Hormuz stays closed

• USD 65-70/bbl could be reached if a deal reopens flows.

Citi’s forecast for Brent crude highlights heightened volatility driven by geopolitical tensions affecting supply. Prices are projected to rise significantly, particularly if Iran escalates its actions against energy infrastructure or if the Strait of Hormuz remains closed, which would have substantial implications for inflation and currency movements, especially in energy-sensitive markets.